You're watching...
Former UBS Chairman Joseph Grano on the steps to reining in the government’s debt through spending cuts and tax increases.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Editor Rick Santorum.
What do -- remember that's.
Mr.
Gorbachev.
Open this gate.
Mr.
Gorbachev.
-- down this wall.
Okay.
So everybody is later today we're learning -- a wall dead is getting much -- the US does a -- about a quarter -- be about Justin today.
So we're headed for a fourth straight year a deficit topic -- -- -- Former UBS to original grant us is that we don't -- this debt -- down we're all going down.
And they're not doing anything to address.
And we're not these -- what happens.
I think we need structural reform and they're probably all gonna -- this election and that's dangers you don't want to because a -- decision.
But lame duck session instances -- -- around -- -- it's it's all partisan ideology it's not about solutions not so we need -- solutions.
Would -- solutions involve raising taxes.
It would for people 500000 involved in the region forties it's not the economics of it.
This president has created a divisive society rich vs poor rather than coalescing the country so we have a perception problem.
I would -- -- 5% increase in taxes going for 36 to 38.
In return for 10% reduction in spending and government spending.
And I think I would also editor -- bring it to -- to went from 36 to 38.
A -- 35% now up to 38 to thirty it's a below the 39 point six a -- -- yes.
And then for it for that you matching deal percent reduction spending didn't George -- -- something going to happen and they date.
-- -- -- The country was and then move -- the dire straits it is and I have a database to -- I understand and I already known they wouldn't start Korea I would also -- entitlement escalators for four years.
Don't take any entitlements away but -- the escalators what -- then.
Meaning there's no cost of living adjustments.
Let's do this in the fashion that -- we're gonna have a -- settled in Florida.
Well you know -- -- I think everyone underestimate should the American public.
It given the appropriate facts and then not getting appropriate fact that if they were I think they were doing the right thing.
And you think that you're very big and and shared pain -- -- -- didn't everyone's in it to win it and correct.
Do you think now that Republicans focused too much.
Maybe to their detriment appearing as the party of the rich.
And asking the rich to do nothing.
Well I I do disagree with that stance where we are right now but as I've told you in the past.
In 1980 the top 10% of Americans pay 32% of all income tax they at 67%.
So it's a misnomer.
But there is a perception problem and you're you're you're only reason -- is is to -- it.
Rid of that perception that well every of that perception and shared sacrifice but I look at -- more teamwork them.
-- -- -- -- -- -- -- -- -- Now I don't missiles can.
I've been nominated have -- word -- government I would go out and say as of January 1.
If you're forty fire and over your grandfather's you're on the 45 -- have to work 72.
But use a group can -- headed off to 45 and you could so let's say hypothetically you were over 45.
Partners say -- -- -- plan that is correct that's fine that's what the public wants okay.
On bottom line how does the market -- -- -- -- and all of these -- not being addressed.
Inclusive of Europe I think we have a lot of event risk including risk here.
We have a very very slow.
GDP growth this year and next in my opinion corporate earnings are gonna start to wane in the second half.
I think we have a very serious.
Cautious position in the market I don't like what actually told -- thank you very much thank.
